Friday, July 23, 2010

Most people move from Fremont, Newark and Union City from time to time. I myself moved about 8 times in my life so far--moving from various areas in the San Francisco Bay Area. If you are thinking about moving from Fremont, Newark or Union City CA to another area you will want to know a few things, and I hope this post can help.

If you enjoy moving, then you are one of the very few who do. The rest of us, we need help in any way, shape or form. This short post will simply provide a list of helpful tools in the form of websites and some tips we learned along the way.

In regards to selling your Fremont, Newark or Union City property and buying a replacement home, a Fremont real estate agent will play a a vital role in assuring that the sale of the old home and purchase of the new one work together. Here is a testimonial of a Union City home seller purchasing a Fremont replacement home. http://www.tricityhome.com/ondemand.html (click Keniki)

When selling a home in Fremont then moving right into the home in another area, you need to allow a little time between the two transactions. This is important to ensure both feasibility and peace of mind knowing that no one will be on the street without a place to go. A good Fremont real estate agent will place proper assurances in the purchase contract. Careful real estate contract wording is needed to set things straight when trying to accomplish the double deal.

Many helpful moving websites I have used are also available below for you to visit and use when the time comes for you to move from Fremont, Newark and Union City.

Saturday, July 10, 2010

The last two short sales in Fremont that I performed were by no means smooth. And, I have become a little short sale shy as a result. Yet, other short sales in Fremont we recently closed had performed exceptionally well--Fremont short sales are sort of a mixed bag. What made the difference? The last two sort sales in Fremont were bad, but others were not. We discovered that it has everything to do with the lender of the original borrower or what we might refer to now as the short sale lender. Worst on the list was Bank of America who took an average of 10 months to perform a short sale and still not short sales were completed. And, what’s more, B of A was full of surprises. In fact, just about everything they did was a surprise. Imagine staring at a cocoon that has not hatched, waiting for something, anything to happen. That’s kind of what it was like. Everyone had to wait for very long periods of time even to acknowledge that the bank had received a document. Like watching the cocoon, any movement what so ever made us sit up surprised that something took place, even if it turned out to be nothing. Some things they did were remarkably abrupt and surprising. For example they upped a Fremont short sale price right out of thin air even after everyone agreed on B of A’s counter offer on price. They simply told us (oh, by the way) it was going to be $5,000 more. Then, at the final stretch of the transaction, B of A left out any considerations for the second lien holder and gave them zero on the approval certification. They later back paddled on that one, fixed it using a bad Microsoft Word edit that actually highlighted their mistake, then blamed my title co. rep with 30 years experience. Oh, I almost forgot one more thing. Another B of A Fremont short sale simply ended after an investor phoned and said they had just bought the property in foreclosure and for me to please remove my sales materials. This is the one where I even had a B of A rep authorized on the seller’s account watching carefully to assure us everything would go smoothly.

What makes a good Fremont short sale lender as opposed to a bad one? Most people if asked to judge a short sale lender would grade them on the speed in which the lender can process the approval of the transaction. Bank of America seems to take the longest. They boast about a 90-day turnaround, but unless the planets are aligned just so, it can take over a year to complete. Keep in mind that there are other conditions that can effect the time it takes to complete the transaction as Bank of America will be quick to tell you. The fastest short sale lender we have experienced was Bridgefield, a small lender who simply handled the whole thing over coffee.

Our Fremont short sale real estate agent office here http://www.tricityhome.com is now performing another short sale in Fremont who's lender is Chase. Chase is large too, but they are more organized than B of A. The Chase negotiators (the ones that either handle the short sale approval themselves or present the short sale package to the investor) are very quick to act. Emails are returned the next day or same day. They also order the BPO (broker price opinion--sort of a snapshot appraisal for the bank to review) just as soon as possible.

But since we had been bitten by B of A, the Nosferatu of short sale lenders as of late, I am now shy to believe any short sale lender when they ask for something out of the norm. For example, our most recent Fremont short sale was in need of a BPO. I drove to the property to make sure the lockbox was still there 1. I opened the door and walked through the Fremont short sale. Suddenly, I discovered a tingling sensation at my ankles. Upon further inquiry, I realized I was being bitten by what must have been hundreds of fleas, and they were growing in number. What must have looked like a scene from America’s Funniest Home Videos, I darted to the door, locked up the house while running in place then ran into the parking lot. Once there, I swatted, shook, pinched then as a last resort, out ran all the fleas to be sure none followed. When I told Chase what had happened, they told me they would send Property Preservation out to take care of it. A red flag went up, and I got quite defensive. Once bitten twice shy, I thought they were going to execute some acceleration clause and foreclose on the house once Property Preservation was called due to fleas. They assured me this was not the case. Regardless, I told them not to call this third party, and that I and the BPO person would find a way to get it done. In short, we got it done without calling Property Preservation.

I will work on my uneasiness when it comes to trusting Fremont short sale lenders. After all, a Fremont short sale lender does not have to B of A pain in the neck.

1. For a period of time in 08, I happened upon many homes for sale in Fremont that were supposed to have a lock box only to find that they were missing. I would call the listing agent who would often be taken aback by the fact that it was just there a few days ago. I later found out that this was happening quite often on vacant properties. Perhaps squatters or desperate agents took the boxes so that no one else can show the house, I am still unsure. By Jeff Pereyda

about me

Jeff Pereyda was born in San Francisco
in the 60's then raised in Sunnyvale during the mid 60's on through
the 80's.

Growing up in the Bay Area and thanks
to his parent's unique hobby of surf fishing, Jeff learned his
long-time passion for surf fishing from his parents who carted him up
and down the coast at an early age hitting California's hot spots.
Jeff recalls one of the most important things he learned from his
mom. “My mom always said, 'you always have to have at least one eye
on the waves.' They're unpredictable at times.” Later, in his
twenties, and after earning a degree in Marketing, Management and
Sales, Jeff went on to study at San Jose Christian College and now
holds a Bachelor's Degree in liberal studies. After returning to the
work force, Jeff later studied to become a California real estate
broker. “Professionally speaking,” Jeff continues, “real estate
is a lot like the surf. The real estate market has its definite
crests and troughs, but it can be unpredictable. You have to always
keep an eye on it too.”

Jeff has earned the International
Diamond Award from Coldwell Banker in 2014 and has been in the top
10% in his office. At present, Jeff continues to provide personal
attention to detail in all his real estate transactions and has been
quite successful in his property management portfolio as well.

During his personal time off, Jeff
enjoys surf fishing and brewing hand crafted beer using his very own
DIY recirculating infusion mash system in the back yard of his custom
Livermore home. Life is good,and if you ask, he'll be happy to share.